ao link
Credit Strategy homepage
Intelligence, insight and community
for credit professionals

Dear visitor,
You're reading 1 of your 3 free news articles this quarter

 

Register with us for free to get unlimited news, dedicated newsletters, and access to 5 exclusive Premium articles designed to help you stay in the know.

 

Join the UK's leading credit and lending community in less than 60 seconds.



Register now  or  Login

Sharp rise in fraud against older people

Fraud against older people soared last year as criminals looked beyond the UK’s cities and towns for new targets, according to Experian.

Share on LinkedInShare on Twitter

City dwellers whose mail is left in communal areas or in mailboxes outside of their property have long been the main target for fraudsters, as they need to intercept the credit or debit card as it is delivered to the victim.

 

However, well-off homeowners living in the countryside, who are often retired or making lengthy commutes, saw a 29.5 percent rise in fraud last year. There was also a 7.5 percent increase in fraud against those living in family homes in the suburbs, whose children are older or have recently moved out.

 

In addition, the over 60s experienced an 11.5 percent rise in fraud in 2018, greater than any other age group, the latest Hunter Fraud statistics show. Those aged from 50-54 (up 4.7 percent) and 55-59 (up six percent) were the only other age groups to record an increase in third party fraud during this time.

 

In response to these trends, Experian said it is developing machine learning technology to “better identify emerging trends and further improve the accuracy of applications” which are flagged to lenders’ fraud teams for closer inspection.

 

Nick Mothershaw, director of identity and fraud solutions at Experian UK&I, said: “Our statistics show that although we are uncovering a new fraud every 15 seconds, fraudsters continue to look for new ways to scam people and businesses.

 

“Criminals are casting their net wider to the countryside, as well as targeting their traditional victims. People need to be ever more vigilant – ensuring they don’t write down or share passwords or account details. They should check their credit file regularly for signs a fraudster is using their identity.

 

“Machine learning has been shown to be a vital tool in identifying fraud. Putting this advanced analytical framework in place means organisations can provide genuine customers, applying or buying new products, a better experience without the friction of being referred, giving fraud teams the time to focus on bogus applications.”

Share on LinkedInShare on Twitter
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

Stay up-to-date with the latest articles from the Credit Strategy team

READ NEXT

Via Atal: Unlocking global growth

Via Atal: Unlocking global growth

The Budget - 2p National Insurance cut confirmed by the Chancellor 

The Budget - 2p National Insurance cut confirmed by the Chancellor 

2024 Credit 500 unveiled

2024 Credit 500 unveiled

Credit Strategy

Member of

Get the latest industry news 

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, 1-2 Paris Garden, London, SE1 8ND. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group